Is there a list of reputable, ethical banks to open a checking account? So far Spring is the only one that comes close, but haven't yet investigated their investments, etc.Thank you!!
Official response from Richard Wolff submitted
Ethical banks are those that are subject to the usual banking rules and oversight but open themselves to direct access to their activities (they stress transparency) and focus lending on environmental and social priorities, etc. Here is a wikipedia list for the US; other countries have a generally greater presence of ethical banking:
- Urban Partnership Bank, Based in Chicago. Successor to ShoreBank
- RSF Social Finance, based in San Francisco, not a 'bank,' but offers social investment accounts with rates comparable to bank CDs
- New Resource Bank, based in San Francisco. New Resource is a commercial bank that focuses on businesses that share their mission to progress sustainability within their community.
- First Green Bank, Based in Mount Dora, FL is a commercial bank dedicated to ethical practices and environmentally friendly investments.
- Beneficial State Bank, Headquartered in Oakland, with branches throughout California in Sacramento, East LA, North Hollywood, Fresno, Bakersfield, Santa Rosa, Porterville, and Visalia, as well as Portland, OR and Seattle, WA. Beneficial State Bank is a community development financial institution (CDFI), certified B Corporation, and a Global Alliance for Banking on Values member.
- Spring Bank, Based in the Bronx, New York, with branches in the Bronx and Manhattan, New York. Spring Bank is an FDIC insured commercial lender and certified community development financial institution (CDFI) with a stated mission to expanding financial inclusion in low-income neighborhoods.
- City First Bank, Based in Washington, DC, First City Bank is an FDIC insured, nationally chartered commercial bank with a mission to support and strengthen underserved communities in Washington DC and the surrounding suburbs.
Other value-based banks in the USA and around the world can be found with Global Alliance for Banking on Values.
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